Millions of people who receive social security benefits will be seeing an increase starting next year.
Social Security’s biggest cost of living adjustment in almost 40 years is just on time.
According to the Associated Press, millions of retirees are going to see checks go up to about nearly 6% starting next year.
"I think it'll be a very good thing, I think it's timely and I think a lot of people who are very dependent on it, the poorer and more vulnerable people of our society will benefit tremendously,” said Bob Duxbury, whose wife receives benefits.
This increase is set to reflect the inflation rate the country has seen due to the pandemic.
Back in 2009 during the Great Recession, people saw an increase of 5.8%.
"I think it's gotta keep pace and it's just something that has to be done. we have to protect the people who kind of pave the way for us,” said Paul Meola.
According to AP, a 6% increase would average social security payments for a retired worker by close to $93 a month to $1,657 a month.
For couples, the benefits would rise by $157 to $2,753 per month.
"My own wife would get a bit of a pay increase and I think it's a terrific thing particularly as the amount of money she gets, to begin with, is rather small, particularly if you happen to live in California,” said Duxbury.
Many people who do depend on social security for example disabled veterans, federal retirees, and seniors who live in households where benefits account for at least 50% of their income. This increase can make a huge difference.
"The right thing to do is to keep them on track, but it'll be better if we could just keep inflation down in general. energy prices, food, are two critical things for the elderly,” said Meola.
